Mortgage rates have dropped below 4 percent for the first time since November, and home buyers likely will want to take advantage of the lower borrowing costs. The average 30-year fixed-rate mortgage fell to 3.97 percent for the week ending April 20, according to Freddie Mac's weekly mortgage market survey. "We are in the spring, and people are out looking to buy homes," says Len Kiefer, deputy chief economist at Freddie Mac. "These low rates are
One of the nation’s largest processors of consumer mortgage payments—Ocwen Financial Corp.—was sued by the Consumer Financial Protection Bureau and also faces a cease and desist order by a multistate committee that's essentially shutting down the lender’s operations in a handful of states.Ocwen, based in West Palm Beach, Fla., services loans for borrowers in every U.S. state and the District of Columbia. As of Dec. 31, 2016, it serviced n
The 30-year fixed-rate mortgage has fallen to its lowest average since November 2016, Freddie Mac reports in its weekly mortgage market survey.“The 30-year mortgage rate fell 11 basis points this week to 3.97 percent, dropping below the psychologically-important 4 percent level for the first time since November,” says Sean Becketti, Freddie Mac’s chief economist. “Weak economic data and growing international tensions are driving investors
Fewer home buyers and refinancers took advantage of the lowest rate of the year last week. Total mortgage applications—including for refinancings and home purchases—dropped by 1.8 percent week over week, the Mortgage Bankers Association reported Wednesday. Mortgage applications are now down 23.5 percent from the same week a year ago.Even low mortgage rates don’t seem to be enough incentive to spark greater activity among homeowners and woul
Homeownership-related tax deductions can prove advantageous in lowering your tax bill. HouseLogic lists some of the ways homeownership helps at tax time:Mortgage interest deduction: Itemizing homeowners can deduct the interest they pay on their mortgage up to $1 million—or $500,000 if married but filing separately. The deductions can be made for loans issued to buy, build, or improve your home, and can apply to a house, trailer, or boat as long
After the Federal Reserve raised its key interest rate about a month ago, mortgage rates were expected to increase as well. Instead, they've been dropping in recent weeks. The 30-year fixed-rate mortgage averaged 4.08 percent last week, its lowest point so far in 2017 and its fourth consecutive week for declines, Freddie Mac reported.When the Fed raises its federal funds rate, it becomes pricier for banks to borrow money, which generally leads to
The 30-year fixed-rate mortgage continues to drop this week, setting a new low for 2017, Freddie Mac reports in its weekly mortgage market survey. This marks the fourth consecutive week that 30-year rates have fallen."Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points,” explains Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate fell 2 basis points to 4.08 percent.”Freddie Mac
More buyers moved to lock in rates last week, as mortgage costs dipped to their lowest average of the year. Total mortgage application activity—which includes loans for homebuying and refinancing—increased 1.5 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Purchase applications made up most of that increase, rising 5 percent week-over-week and now sitting 3 percent higher than the same
The average tax refund was $2,860 for the majority of Americans last year. According to a survey by GO Banking Rates, 41 percent of Americans plan to save their tax returns. That savings could help put them on the path to homeownership.Six percent of 18- to 34-year-olds say they plan to use their tax refund to purchase a car, home, etc., compared to 9 percent in the 35- to 44-year-old age group.“With higher incomes and a tax refund of approxima
Consumer confidence in the housing market receded from its record high in February, dropping 3.8 percentage points to a reading of 84.5 in March, according to Fannie Mae's Home Purchase Sentiment Index, a survey of about 1,000 Americans. Five of the six components measured in the index saw a decline, including the percentage of consumers who expressed a positive outlook on buying a home and their employment situation. However, the percentage of c
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